Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2015
(Based on Japanese GAAP)May 11, 2015
Company name:

YAMAZEN CORPORATION

Stock exchange listing: Tokyo
Stock code:
8051
Representative:
Inquiries:

URL

http://www.yamazen.co.jp/

President & CEO
Manager, IR & PR Dept.

Meguru NAKATA
Yoshihiro OZAKI

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 24, 2015
June 25, 2015

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 8, 2015
Yes

Holding of financial results meeting:

Yes

TEL

06-6534-3095(for analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2015 (from April 1, 2014 to March 31, 2015)(1) Consolidated financial results
Percentages indicate year-on-year changes
Net sales
Millions of yen
435,803395,249

Year ended March 31, 2015
Year ended March 31, 2014
Note: Comprehensive income

Operating income%
10.3
6.7

Millions of yen
13,1309,562

Year ended March 31, 2015
Year ended March 31, 2014

Net income% Millions of yen
35.5
5,851
(5.0)
5,515%
6.1(11.7)¥11,261 million [48.8 %]¥7,567 million [(19.2) %]Diluted net income
per share
Yen
Yen
62.38
–
58.80–Net income per share
Year ended March 31, 2015
Year ended March 31, 2014

Ordinary income% Millions of yen
37.3
13,330(2.0)
9,838

Ordinaryincome/total assets
%%
9.7
7.0
10.3
5.8

Net income/equity

Operatingincome/net sales
%
3.0
2.4

Reference: Share of income of investments accounted for using the equity method
Year ended March 31, 2015
Year ended March 31, 2014¥– million¥– million(2) Consolidated financial position
Total assets
Millions of yen
200,301
179,088

As of March 31, 2015
As of March 31, 2014
Reference: Equity

Net assets
Millions of yen
65,14855,906

As of March 31, 2015

¥64,962 million

As of March 31, 2014

¥55,785 million

Equity ratio

Net assets per share%
32.4
31.2Yen692.59594.75(3) Consolidated cash flows

Year ended March 31, 2015
Year ended March 31, 2014

Cash flows fromoperating activities
Millions of yen
12,575
9,677

Cash flows frominvesting activities
Millions of yen
422(373)

1

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(5,260)46,799(3,995)
37,1102. Cash dividends
Ratio ofDividend
Total cash
dividends topayout ratio
dividends (Total) (Consolidated)
net assets(Consolidated)

Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-endTotal

YenYenYenYen

Yen

Millions of yen%%

Year ended March 31, 2014
Year ended March 31, 2015

––

7.00
8.00

––

8.00
12.00

15.00
20.00

1,406
1,875

25.5
32.1

2.6
3.1

Year ending March 31, 2016 (Forecast)–12.00

–

15.00

27.00

29.8

3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)

Net sales
Millions of yen
Six months ending
September 30, 2015
Full year

Percentages indicate year-on-year changes
Profit attributable toNet income
Operating income
Ordinary income
owners of parent
per share% Millions of yen% Millions of yen% Millions of yen%
Yen

215,000

6.8

5,650

20.5

5,800

20.6

3,650

18.3

38.91

445,000

2.1

13,3001.3

13,500

1.3

8,500

45.3

90.62

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2015(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statementsChanges in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements after error corrections:No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2015

93,840,310 shares As of March 31, 2014

93,840,310 shares

Number of treasury shares at the end of the period
As of March 31, 2015

44,152 shares As of March 31, 2014

43,701 shares

Average number of shares during the period
Year ended March 31, 2015

93,796,420 shares Year ended March 31, 2014

293,796,701 sharesReference: Summary of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2015 (from April 1, 2014 to March 31, 2015)(1) Non-consolidated financial results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2015
Year ended March 31, 2014

Millions of yen
390,732
359,149

Operating income%
8.8
6.5

Net income per share
Yen
61.57
43.14Year ended March 31, 2015
Year ended March 31, 2014

Millions of yen
9,579
7,449%
28.6
5.2

Ordinary income
Millions of yen
11,613
7,577

Net income% Millions of yen
53.3
5,775
(0.1)
4,046%
42.7(5.3)

Diluted net income
per share
Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2015
As of March 31, 2014
Reference: Equity

Net assets

Millions of yen
172,172
156,932

Millions of yen
49,341
43,247

As of March 31, 2015

¥49,341 million

As of March 31, 2014

¥43,247 million

Equity ratio

Net assets per share%
28.7
27.6

Yen
526.05461.08* Indication regarding execution of audit proceduresThis financial results report is exempt from the audit procedures in accordance with the Financial Instruments and Exchange Act. At the time ofdisclosure of this financial results report, the audit procedures for financial statements in accordance with the Financial Instruments andExchange Act have not been completed.
* Proper use of forecasts of financial results, and other special matters
The earnings forecasts shown above are based on information currently available to the Company at the time of disclosure of this financial results
report. Actual performance and other results may differ materially due to various factors.

3Consolidated financial statements
Consolidated balance sheets
As of March 31, 2014
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Deferred tax assets
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, netTools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Claims provable in bankruptcy, claims
provable in rehabilitation and other
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4(Millions of yen)
As of March 31, 2015

30,631
96,9496,500
18,062
1,106
3,215(595)
155,870

37,810101,998
9,000
21,532
1,033
5,801(588)
176,587

10,418(6,441)
3,976
964
(771)
192
1,197
(887)
309
5,334
394
(103)
291
10,104
1,788

9,747(6,743)
3,003
936
(793)
143
1,364
(1,055)
308
3,690
323
(116)
206
7,353
2,318

9,488

12,387

527

116

24
252
1,688
(656)
11,324
23,217179,088

37
112
1,589
(199)
14,042
23,714200,301As of March 31, 2014
Liabilities
Current liabilities
Notes and accounts payable - tradeShort-term loans payable
Income taxes payable
Deferred tax liabilities
Provision for bonuses
Provision for voluntary recall of goods
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

5(Millions of yen)
As of March 31, 2015

105,232
2,227
2,542
15
2,432
18
6,429
118,898

113,551
–
2,241
51
2,684
64
11,690130,284

40
3,052
1,190
4,283
123,181

1,035
2,609
1,223
4,869
135,153

7,909
6,081
40,332(16)
54,307

7,909
6,081
44,165(16)
58,139

2,769

4,846

196
543
(2,031)
1,478
120
55,906
179,088401
3,090(1,515)6,823
185
65,148200,301

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
Fiscal year ended
March 31, 2014
March 31, 2015
Net sales
395,249
435,803
Cost of sales
345,041
379,721
Gross profit
50,20856,081
Selling, general and administrative expenses
40,64542,951
Operating income
9,562
13,130Non-operating income
Interest income
1,452
1,485
Dividend income
217
166
Other145
193
Total non-operating income
1,815
1,845
Non-operating expenses
Interest expenses
1,483
1,532
Loss on sales of notes payable
11
Other
55
112
Total non-operating expenses
1,540
1,645
Ordinary income
9,838
13,330Extraordinary income
Gain on sales of non-current assets
46
Gain on sales of investment securities
988
Gain on sales of shares of subsidiaries and associates
16–
Other–
0
Total extraordinary income
3095
Extraordinary losses
Loss on retirement of non-current assets
101
Loss on sales of non-current assets
921
Impairment loss
652
2,582
Other
38
Total extraordinary losses
675
2,613
Income before income taxes and minority interests
9,192
10,812
Income taxes - current
3,925
4,648
Income taxes - deferred(285)271
Total income taxes
3,640
4,919
Income before minority interests
5,552
5,892
Minority interests in income
3741
Net income
5,515
5,851

6

Consolidated statements of comprehensive income

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to minority
interests

7

Fiscal year ended
March 31, 2014
5,552

(Millions of yen)
Fiscal year ended
March 31, 2015
5,892

1,110(104)
1,009
–
2,014
7,567

2,077
204
2,569
516
5,368
11,261

7,521

11,1964564

Consolidated statements of changes in net assets
Fiscal year ended March 31, 2014
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

7,909

Retained earnings

6,081

Total shareholders'equityTreasury shares

35,952(16)

49,927

Cumulative effects of changes
in accounting policies–

Restated balance

7,909

6,081

35,952(16)

49,927

Changes of items during period
Dividends of surplus

(750)

(750)

Interim dividends fromsurplus

(656)

(656)

Net income

5,515

5,515

Purchase of treasury shares(0)Change from newly
consolidated subsidiary

(0)

271

271

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period––

4,380(0)

4,380

7,909

6,081

40,332(16)

54,307

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-for-sa
hedgesle securities
Balance at beginning of current
period1,659

301

Foreigncurrencytranslation
adjustment

Total
accumulated
Minority interests
otherof defined benefit
comprehensiveplansincomeRemeasurements

(494)

–

1,466

75

Cumulative effects of changes
in accounting policies
Restated balance

Total net assets

51,469–1,659

301(494)

–

1,466

75

51,469Changes of items during period
Dividends of surplus(750)

Interim dividends fromsurplus(656)

Net income

5,515

Purchase of treasury shares(0)Change from newly
consolidated subsidiary271

Net changes of items otherthan shareholders' equity

1,109(104)1,038(2,031)

1145

57

Total changes of items during
period1,109(104)1,038(2,031)

1145

4,437

Balance at end of current period

2,769

196

543(2,031)

1,478

120

55,906

8Fiscal year ended March 31, 2015
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of currentperiod

Capital surplus

7,909

Retained earnings

6,081

40,332

Cumulative effects of changes
in accounting policies

Total shareholders'equityTreasury shares(16)

54,307(518)

Restated balance

7,909

6,081

(518)

39,814(16)

53,789Changes of items during period
Dividends of surplus

(750)

(750)

Interim dividends fromsurplus

(750)

(750)

Net income

5,851

5,851

Purchase of treasury shares

(0)

(0)

Change from newly
consolidated subsidiary–

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

––

4,350

(0)

4,350

7,909

6,081

44,165(16)

58,139

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-for-sa
hedgesle securities
Balance at beginning of current
period2,769

196

Foreigncurrencytranslation
adjustment

Total
accumulated
Minority interests
otherof defined benefit
comprehensive
plansincomeRemeasurements

543(2,031)

1,478

120

Cumulative effects of changes
in accounting policies
Restated balance

Total net assets

55,906
(518)

2,769

196

543

(2,031)

1,478

120

55,388Changes of items during period
Dividends of surplus(750)

Interim dividends fromsurplus(750)

Net income

5,851

Purchase of treasury shares(0)Change from newly
consolidated subsidiary–

Net changes of items otherthan shareholders' equity

2,077

204

2,546

516

5,344

64

5,409

Total changes of items during
period

2,077

204

2,546

516

5,344

64

9,759

Balance at end of current period

4,846

401

3,090

(1,515)

6,823

185

65,1489Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2015

Fiscal year ended
March 31, 2014
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Retirement benefit expenses
Impairment loss
Increase (decrease) in allowance for doubtfulaccounts
Increase (decrease) in other provision
Increase (decrease) in net defined benefit liability
Decrease (increase) in prepaid pension costs
Decrease (increase) in net defined benefit asset
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of investment securities
Loss (gain) on sales of shares of subsidiaries andassociates
Loss on retirement of property, plant and equipment
and intangible assets
Loss (gain) on sales of property, plant and equipment
and intangible assets
Decrease (increase) in notes and accounts receivable- tradeDecrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
Subtotal
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries andassociates
Payments of loans receivableCollection of loans receivable
Payments of other investmentsCollection of other investments
Purchase of property, plant and equipment andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Interest and dividend income received
Net cash provided by (used in) investing activities

10

9,192
949
–
652

10,812
1,106
644
2,582

40(422)

(56)
111
319
(231)
(1,670)
1,483
24(7)

264
(981)
–
(9)
(1,651)
1,532
1(88)

(16)

–

10

14

14(10,491)(3,969)226(2,663)

12,035

7,314

631
13,208(3,531)
9,677

3,250
17,737(5,162)
12,575(22)
23(183)67(78)(11)
21(81)
233
(98)

47

–

(11)
28(55)
88(5)23(42)
36(2,052)(1,329)107

25

1,667(373)

1,648
422

(Millions of yen)
Fiscal year ended
March 31, 2015

Fiscal year ended
March 31, 2014
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Interest expenses paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents from newly consolidated
subsidiary at beginning of period
Cash and cash equivalents at end of period

11(1,090)(15)(1,406)(1,482)(0)(3,995)(2,000)(227)(1,500)(1,531)(0)(5,260)

789

1,951

6,098
30,775

9,688
37,110236–

37,11046,799